The Money Laundering Regulations 2007 (revoked)

Supervision U.K.

Supervisory authorities U.K.

23.—(1) Subject to paragraph (2), the following bodies are supervisory authorities—

(a) the Authority is the supervisory authority for—

(i) credit and financial institutions which are authorised persons;

(ii) trust or company service providers which are authorised persons;

(iii) Annex I financial institutions;

[F1 (iv) electronic money institutions;]

[F2 (v) auction platforms;]

[F3 (vi) credit unions in Northern Ireland;]

[F4 (vii) recognised investment exchanges;]

(b) the OFT is the supervisory authority for—

(i) consumer credit financial institutions;

(ii) estate agents;

(c) each of the professional bodies listed in Schedule 3 is the supervisory authority for relevant persons who are regulated by it;

(d) the Commissioners are the supervisory authority for—

(i) high value dealers;

(ii) money service businesses which are not supervised by the Authority;

(iii) trust or company service providers which are not supervised by the Authority or one of the bodies listed in Schedule 3;

(iv) auditors, external accountants and tax advisers who are not supervised by one of the bodies listed in Schedule 3.

[F5 (v) bill payment service providers which are not supervised by the Authority;]

[F5 (vi) telecommunication, digital and IT payment service providers which are not supervised by the Authority.]

(e) the Gambling Commission is the supervisory authority for casinos;

(f) DETI is the supervisory authority for—

F6 (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii) insolvency practitioners authorised by it under article 351 of the Insolvency (Northern Ireland) Order 1989;

(g) the Secretary of State is the supervisory authority for insolvency practitioners authorised by him under section 393 of the Insolvency Act 1986 M1 (grant, refusal and withdrawal of authorisation).

(2) Where under paragraph (1) there is more than one supervisory authority for a relevant person, the supervisory authorities may agree that one of them will act as the supervisory authority for that person.

(3) Where an agreement has been made under paragraph (2), the authority which has agreed to act as the supervisory authority must notify the relevant person or publish the agreement in such manner as it considers appropriate.

(4) Where no agreement has been made under paragraph (2), the supervisory authorities for a relevant person must cooperate in the performance of their functions under these Regulations.

Textual Amendments

F1 Reg. 23(1)(a)(iv) inserted (9.2.2011 for specified purposes, 30.4.2011 in so far as not already in force) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 1(2), Sch. 4 para. 19(f) (with reg. 3)

F2 Reg. 23(1)(a)(v) inserted (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), regs. 1(2)(a), 11(5)

F3 Reg. 23(1)(a)(vi) inserted (31.3.2012) by The Money Laundering (Amendment No.2) Regulations 2011 (S.I. 2011/2833), regs. 1, 2(a)(i)

F4 Reg. 23(1)(a)(vii) inserted (1.10.2012) by The Money Laundering (Amendment) Regulations 2012 (S.I. 2012/2298), regs. 1, 8

F5 Reg. 23(1)(d)(v)(vi) inserted (1.11.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), reg. 1(2)(c), Sch. 6 para. 6(d)

F6 Reg. 23(1)(f)(i) omitted (31.3.2012) by virtue of The Money Laundering (Amendment No.2) Regulations 2011 (S.I. 2011/2833), regs. 1, 2(a)(ii)

Marginal Citations

M1 1986 c. 45.

Duties of supervisory authorities U.K.

24.—(1) A supervisory authority must effectively monitor the relevant persons for whom it is the supervisory authority and take necessary measures for the purpose of securing compliance by such persons with the requirements of these Regulations.

[F7 (1A) The Authority, when carrying out its supervisory functions in relation to an auction platform—

(a) must effectively monitor the auction platform’s compliance with—

(i) the customer due diligence requirements of Articles 19 and 20(6) of the emission allowance auctioning regulation;

(ii) the monitoring and record keeping requirements of Article 54 of the emission allowance auctioning regulation; and

(iii) the notification requirements of Article 55(2) and (3) of the emission allowance auctioning regulation; and

(b) may monitor the auction platform’s compliance with regulations 20 and 21 of these Regulations.]

(2) A supervisory authority which, in the course of carrying out any of its functions under these Regulations, knows or suspects that a person is or has engaged in money laundering or terrorist financing must promptly inform the Serious Organised Crime Agency.

(3) A disclosure made under paragraph (2) is not to be taken to breach any restriction, however imposed, on the disclosure of information.

(4) The functions of the Authority under these Regulations shall be treated for the purposes of Parts 1, 2 and 4 of [F8 Schedule 1ZA] to the 2000 Act [F9 (the Financial Conduct Authority)] as functions conferred on the Authority under that Act.

[F10 (5) The functions of the PRA under these Regulations shall be treated for the purposes of Parts 1, 2 and 4 of Schedule 1ZB to the 2000 Act (the Prudential Regulation Authority) as functions conferred on the PRA under that Act.]

Textual Amendments

F7 Reg. 24(1A) inserted (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), regs. 1(2)(a), 11(6)

F8 Words in reg. 24(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 129(b)(i)(aa)

F9 Words in reg. 24(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 129(b)(i)(bb)

F10 Reg. 24(5) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 129(b)(ii)

[F11 Disclosure by supervisory authorities U.K.

24A.— (1) A supervisory authority may disclose to another supervisory authority information it holds relevant to its functions under these Regulations, provided the disclosure is made for purposes connected with the effective exercise of the functions of either supervisory authority under these Regulations.

(2) Information disclosed to a supervisory authority under paragraph (1) may not be further disclosed by that authority, except—

(a) in accordance with paragraph (1);

[F12 (aa) by the Authority to the PRA, where the information concerns a PRA-authorised person or a person who has a qualifying relationship with a PRA-authorised person;]

(b) with a view to the institution of, or otherwise for the purposes of, any criminal or other enforcement proceedings; or

(c) as otherwise required by law.]

Textual Amendments

F11 Reg. 24A inserted (1.10.2012) by The Money Laundering (Amendment) Regulations 2012 (S.I. 2012/2298), regs. 1, 9

F12 Reg. 24A(2)(aa) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 129(c)